Mills & Reeve acted for General Practice Investment Corporation Limited (GPIC), a leading developer of primary healthcare centres, on a joint venture agreement with MedicX Fund Limited, a specialist primary care infrastructure investor.
The joint venture agreement will be a 50:50 jointly controlled company called GP Property Limited. GP Property Limited will be an investor in UK primary healthcare properties, let to GPs or directly to the NHS on leases of less than 15 year terms. GP Property Limited will look to form strategic partnerships and make strategic investments in situations that are expected to lead to future estate rationalisation and improvement. MedicX Fund has agreed to commit up to £15 million of initial funding to the joint venture, and GPIC will provide asset management and development expertise.
GPIC is already involved in a framework agreement with MedicX Fund, under which around £77 million of modern purpose built primary healthcare properties have been delivered into the Fund since 2012, and on which Mills & Reeve has advised.
Mills & Reeve has advised with a team led by Simon Sherwood (Picture).
Involved fees earner: Simon Sherwood – Mills & Reeve LLP;
Law Firms: Mills & Reeve LLP;